Side Hustle Tax Calculator: How Much to Set Aside

Your side hustle

Net profit (income minus expenses) Federal tax bracket % State income tax %

Set aside

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Tips

Self-employment tax is about 15.3% on 92.35% of net profit, on top of income tax at your bracket. Setting aside a percentage from every payment avoids a surprise bill. Quarterly estimated payments may be required; check IRS guidance or a tax professional.

Questions

What is self-employment tax?

Social Security and Medicare tax for self-employed people, about 15.3% of 92.35% of net profit (simplified; a wage-base cap applies at high incomes).

Is this exact?

No. It ignores deductions, credits and the SE tax deduction, so it is a rough planning estimate, not tax advice.